The challenge of identifying the appropriate mix of public and private funding of universities is crucial in determining the shape of higher education in Australia and ensuring an accessible and equitable system for students. It has been argued that access to the elite universities for the financially disadvantaged will not be restricted as the existence of the income-contingent FEE-HELP loan scheme and generous scholarship schemes will guarantee access to all students. Such statements make two very big assumptions. First, that it will be possible to offer extensive scholarship schemes, and, second, that the secondary education system prepares all students equally for university.